Anne Wojcicki has successfully secured her genetics testing company, 23andMe, in a bankruptcy auction, overcoming a competing bid from Regeneron Pharmaceuticals. Her non-profit organization, TTAM Research Institute, won the auction with a substantial offer of $305 million for the assets of 23andMe, which will be free of any accompanying liabilities.
The move comes after 23andMe filed for bankruptcy in March, having previously turned down multiple go-private offers from Wojcicki in prior years. Regeneron had initially been named the winning bidder in May with a $256 million offer during an earlier auction.
Following that auction, TTAM filed a complaint alleging that the debtor and its advisors prematurely concluded the bidding process, denying them the chance to present a higher offer. The filings indicated that TTAM had ultimately secured financing support from a “Fortune 500 company with a current market capitalization of more than $400 billion and $17 billion of cash on hand.”
In response to the developments, the federal bankruptcy court in Missouri conducted additional bidding rounds on Friday morning to formally consider TTAM’s increased offer. Regeneron was presented with TTAM’s “best and final” bid but chose not to make a higher counteroffer. As a result, they are set to receive a $10 million termination fee per the court documents.